Windows in aircraft passenger cabins are smaller in size to maximize the areas of the hull between them and to increase the mechanical strength of the airframe. From a technical point of view, an aircraft fuselage would be much stronger if it could completely remove cut-outs for windows and windshields. In the 1970s, there were incidents in several De Havilland Comets (UK-built commercial jet aircraft), where large windows caused issues with integrating the windows to the aircraft. Furthermore, commercial jet airliners are pressurized, which creates a strain on the hull. There are also chances of metal fatigue in the areas between windows which, in extreme cases, can lead to failure of the metal. Due to this, cargo aircraft fuselage designs are mostly windowless.

The global antibacterial glass market is forecast to grow at a CAGR of 6.75% during 2016-2020. This growth is attributed to the increase in the application of antibacterial glass in various end-user industries, such as hospital, food and beverage, military equipment, household, construction, and electronics.The global antibacterial glass market using silver as a material type had the largest market share in 2015, accounting for 90.76% of the overall market, and is expected to grow at a CAGR of 6.87% during the forecast period. It is the fastest growing antibacterial glass market by material type. The dominance of silver type antibacterial glass is mainly due to its exceptional antibacterial properties, which have applications in various end-user segments. Among the various end-users of antibacterial glass, hospitals accounted for 42.33% of the global market share in 2015. It is expected to grow at a CAGR of 7.04%, which is the fastest among all the end-user segments. The essentiality of sterile and hygienic conditions in the hospital premises has resulted in the high market share of this segment.  In the global antibacterial glass market by geography, Europe had the leading market share of 48.41% in 2015. This region will also have the highest CAGR of 7.09% during the forecast period. The main reason for Europe's dominance is the high awareness of European consumers regarding health and the presence of many key vendors of antibacterial glass in Europe.

目前水泥提价进行时，考虑区域涨价空间及股价弹性，A 股推荐华新水泥、万年青、冀东水泥及龙头海螺 A；H股推荐金隅 H、海螺 H 及中国建材；钢铁方面，短期随着两会召开限产以及地条钢出清持续发酵，供给需求均具有较多催化；中期来看，我们看好上半年钢企吨毛利扩张带来的估值修复，其中长材占比较高的公司将享受到更大幅度盈利改善。推荐马钢 A/H，建议关注河钢、方大特钢、三钢闽光、太钢不锈及新钢。

2017 年 1-2 月我国水泥行业产量 2.4 亿吨，同比下降 0.4%，增速较 2016年同期上升 7.9 个百分点，环比 2016 年 1-12 月回落 2.1 个百分点。2017 年 1-2月我国平板玻璃产量 1.3 亿重量箱，同比增长 5.7%，增速较 2016 年同期上升7.6 个百分点，环比 2016 年 1-12 月回落 0.1 个百分点。整体看建材行业下游需求仍较疲弱，水泥及玻璃产量增速较低，基建投资拉动与房地产投资回升是需求基本持平或同比增长主因。

短期需求正常的恢复节奏，全年需求不悲观。从调研的 7 家企业反映的情况看，需求属于正常恢复中，节奏较以往正常年份基本一致；对于全年需求的判断，企业普遍反映不悲观。

我们维持水泥行业“增持”评级，重申推荐水泥板块性机会，水泥股的投资逻辑的演绎，正沿着我们预判的供给逻辑——需求逻辑——涨价逻辑的链条，2 月下旬的倒春寒，不改 3 月春暖花开，随着下游市场需求不断恢复，水泥开启上半年涨价模式。

上周 A 股水泥上涨 3.0%（跑赢大盘 1.4ppt），其中金隅+4.7%，海螺-0.8%，华新+6.5%，冀东+3.3%；H 股海螺+1.3%，华润+7.5%，中建材+7.6%，金隅+7.3%。A 股钢铁上涨 1.9%（跑赢大盘 0.3ppt），鞍钢+3.2%；H 股马钢+1.4%，鞍钢+1.3%。

本周建筑材料申万一级行业指数下跌1.88%，沪深300指数上涨0.23%；细分行业指数中，水泥制造指数下跌2.81%，玻璃制造下跌3.50%，管材指数下跌0.82%，耐火材料指数下跌1.73%，其他建材指数下跌0.45%。本周，细分行业中，建筑材料及各细分行业指数均有不同幅度下跌。

水泥行业受运输半径限制，具有很强的区域属性，一方面，其在需求下行期能够一定程度抵御外来者冲击，加之行业集中度较高、协同自律基础较好，景气度好于钢铁、煤炭等其他产能过剩行业；但另一方面，各区域供需关系和竞争格局的差异亦加大了区域分化及企业间分化。本文通过图说的形式，围绕需求、供给、价格、竞争格局等方面，对全国各区域水泥行业景气度走势做出预判。

农历新年后水泥价格下跌 0.8%。平均水泥价格（全国性）按周下跌 0.8％至 313.42 元人民币每吨。在福建、上海、江苏、浙江和江西的部分地区，水泥价格下跌 10-30 元人民币每吨。河南的水泥价格下跌 50 元人民币每吨，这是由于农历新年前当地的水泥均价特别高（超过 400元人民币每吨）所致, 水泥价格的下跌应会有助启动长假期后的需求。在假期后的首个星期，整体市场需求仍相对较弱。